David Crow, EVP of Axos Clearing, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss serving broker-dealers and hybrid RIAs for their tech and custody needs.
Axos Clearing is a full-service operating platform that is modernizing its technology, solutions, and service. Axos Complete is designed for both consumers and professionals, featuring a middle layer that allows advisors to customize their workflows and increase efficiency. Axos is integrated with Envestnet and offers consumer banking services through publicly traded Axos Financial (AX).
The firm originally offered clearing services in the 1920s and continues to evolve its offerings. The firm’s Midwest culture is focused on a high level of service to its clients. Crow states that leading with the client’s needs will cause everything else to fall into place.
Axos generally works with hybrid firms that are broker-dealers with a corporate RIA. These firms often have between $2 billion and $15 billion in assets under custody. These clients are focused on growth and efficiency and are seeking a partner who can commit resources in pursuit of those goals. Axos seeks to create smart integrations into each client’s tech platform to replace the functionality of layers in the tech stack that aren’t meeting the client’s needs. Axos is working on upgrades suggested by clients, including annuities, ETF offerings, and replacing outdated client portal technology.
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